9 Aug 2023
RE FONTERRA CO-OPERATIVE GROUP LTD [2023] NZHC 2118
- Citation
- [2023] NZHC 2118
- Court
- High Court
The Court exercised its discretion under s236(1) to approve the Scheme because Fonterra complied with statutory procedures, the Scheme was fairly presented to shareholders, the shareholder class was fairly represented, the Scheme was fair and equitable and one that an intelligent and honest person of business might reasonably approve (including unanimous board support, solvency certification, regulatory clearance and overwhelming shareholder approval), and the contemporaneous share subdivision fell within the definition of 'arrangement' and the Court's ancillary powers to give effect to the a…